by "how high the water goes up" I take it you are talking about the fountaining of the resulting jet of water.
the conditions you describe are the classical conditions to set up a quasi-steady flow. (you have a lot of water in a big tank)
the choice of water in and the diameters given indicate that the flow is a low renyolds number flow i.e. viscosity is not important (I could be wrong here as I havent done the calculation just made a guess.)
thus bernoulli is in effect
this tells us, in simple terms, that the velocity of the water coming out of the pipe will be given by the conversion of potential to kinetic energy.
Again bernoulli tells us how high the spouts will rise.
they should both rise to the height of top level of the tank again it is simple conservation of energy.
HOWEVER End effects do apply to the diameter of the pipe
I WILL neglect these in my argument.
to help you to "see" that the two spouts rise to the same hieght simply do a thought experiment, Imagine a thick pipe with water pouring out of it and mentally add a wall down the center of the of the pipe.
You can mentally divide the pipe and tank in half, as long as the tank remains "large" and the viscousity can be neglected then the flow of the thick pipe can be seen as the flows of a number of thin pipes running in parallel. (this is the arguement galilao used for dropping stones)
If you want to take viscousity and the surface tension into account it would require more than the value of a pint to motivate anyone.